Proceedings of the Standing Senate Committee on
Banking, Trade and Commerce

Issue 6 - Minutes of Proceedings

OTTAWA, Tuesday, November 26, 2002
(11)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met at 9:05 a.m. this day, in room 505, Victoria Building, the Chair, the Honourable Senator Kolber, presiding.

Members of the committee present: The Honourable Senators Angus, Hervieux-Payette, P.C., Kelleher, P.C., Kolber, Kroft, Oliver, Prud'homme, P.C., Setlakwe and Tkachuk (9).

In attendance: From the Parliamentary Research Branch, Library of Parliament, Economic Division: Ms. June Dewetering, Acting Principal.

Also in attendance: The official reporters of the Senate.

Pursuant to the Order of Reference adopted by the Senate on Wednesday, November 6, 2002, the committee continued its examination into the public interest implications for large bank mergers. (See Issue No. 5, November 25, 2002, for full text of the Order of Reference.)

WITNESSES:

From Queen's University:

Mr. Ted Neave, Professor of Finance, School of Business.

From the CS CO-OP:

Mr. Gary Seveny, President and Chief Executive Officer;

Ms. José Gallant, Vice-President, Finance and Chief Financial Officer;

Ms. Madeleine Brillant, Manager, Corporate Growth.

From ING Bank of Canada:

Mr. Paul Bedbrook, President and Chief Executive Officer;

Mr. Andrew D. Ross, Director of Communications, ING Direct.

Professor Neave made a statement and answered questions.

Mr. Seveny made a statement and, with the other witnesses from the CS CO-OP, answered questions.

Mr. Bedbrook from ING made a statement and, with Mr. Ross answered questions.

At 11:30 a.m., the committee adjourned to the call of the Chair.

ATTEST:

OTTAWA, Tuesday, November 26, 2002
(12)

[English]

The Standing Senate Committee on Banking, Trade and Commerce met at 4:10 p.m. this day, in room 257, East Block, the Chair, the Honourable Senator Kolber, presiding.

Members of the committee present: The Honourable Senators Angus, Hervieux-Payette, P.C., Kelleher, P.C., Kolber, Kroft, Meighen, Prud'homme, P.C., Setlakwe and Tkachuk (9).

In attendance: From the Parliamentary Research Branch, Library of Parliament, Economic Division: Ms. June Dewetering, Acting Principal.

Also in attendance: The official reporters of the Senate.

Pursuant to the Order of Reference adopted by the Senate on Wednesday, November 6, 2002, the committee continued its examination into the public interest implications for large bank mergers. (See Issue No. 5, November 25, 2002, for full text of the Order of Reference.)

WITNESSES:

From the HSBC Bank of Canada:

Mr. Martin J.G. Glynn, President and Chief Executive Officer (by videoconference).

From the National Bank of Canada:

Mr. Réal Raymond, President and Chief Executive Officer;

Jean Houde, Senior Vice-President, Corporate Affairs;

Mr. Jean-Paul Caron, Vice-President, General Affairs.

From the Public Interest Advocacy Centre:

Ms. Sue Lott, Counsel.

From Vancouver by videoconference, Mr. Glynn from HSBC Bank of Canada made a statement and answered questions.

Mr. Raymond made a statement and, with the assistance of the other witnesses from the National Bank of Canada, answered questions.

Mrs. Lott from the Public Interest Advocacy Centre made a statement and answered questions.

At 6:55 p.m., the committee adjourned to the call of the Chair.

ATTEST:

Denis Robert

Clerk of the Committee